Changpeng Zhao, founder of Binance, has pleaded guilty to money laundering charges and resigned as CEO. Binance will forfeit $2.5 billion and pay a $1.8 billion fine, while Zhao will pay $50 million. Richard Teng will replace Zhao as CEO, and an independent compliance monitor will oversee Binance’s operations. Zhao will not be involved with Binance for three years but will retain majority ownership. Binance was sued by the SEC in June for operating illegally. The Justice Department stated that Binance violated sanctions and conducted transactions without proper controls, resulting in nearly $900 million in sanctioned transactions.
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Binance CEO Changpeng Zhao is stepping down, here’s why
Changpeng Zhao, founder of Binance, has pleaded guilty to money laundering charges and resigned as CEO. Binance will forfeit $2.5 billion and pay a $1.8 billion fine, while Zhao will pay $50 million. Richard Teng will replace Zhao as CEO, and an independent compliance monitor will oversee Binance’s operations. Zhao will not be involved with Binance for three years but will retain majority ownership. Binance was sued by the SEC in June for operating illegally. The Justice Department stated that Binance violated sanctions and conducted transactions without proper controls, resulting in nearly $900 million in sanctioned transactions.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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